14 Feb 2024 13:06

No breakthrough to date in fight against financial fraud - Nabiullina

YEKATERINBURG. Feb 14 (Interfax) - Less than 10% of funds stolen by scammers is returned to the clients of financial institutions, and there has not been any breakthrough to date in the fight against the fraudsters, Russian Central Bank Governor Elvira Nabiullina said in a statement.

"The number of attacks successfully repelled by banks has increased, though the number of successful attacks has also risen. We see nearly 1.2 million transactions without the consent of clients, and the [amount of] peoples' funds lost in these transactions are increasing. We see here that the long-awaited breakthrough about which we have been talking has of course not happened," Nabiullina said at the Cybersecurity in Finance forum in Yekaterinburg on Wednesday.

Nabiullina also said that financial institutions have learned to protect their interests and reduce losses, though clients remain vulnerable to scammers.

"In order simply to remain in place, as they say, we of course need to run, and we are running, so that the situation does not worsen. However, we need to run twice as fast in order to move forward," Nabiullina said.